Ofgem chief executive Dermot Nolan is to stay in his post until at least the end of February 2020 after extending his original contract.
Nolan, appointed to the regulator hot seat on a five-year contract in 2013, will now stay on for at least another 13 months with Ofgem set for a particularly busy year ahead.
Martin Cave, chairman at Ofgem, said Nolan’s extension would allow the regulator continue its work in protecting consumer interests in the energy market.
“2019 will see us bed in the price cap which will benefit over 11 million consumers, and it is very good news that Dermot is committed to stay on and oversee this and other important reforms to the energy market.
By extending his stay until February 2020, Nolan will see out the introduction and first year of the energy price cap on default tariffs while simultaneously overseeing the introduction of the next set of network price controls in RIIO-2.
Ofgem is due this month to publish its long-awaited decision on the cost of equity to be applied throughout RIIO-2, a figure which will essentially mandate returns on investment for distribution and transmission grid operators in the UK.
Furthermore, the looming Significant Charging Review is due to overhaul how network costs are recovered from energy suppliers, a piece of legislation which is also planning to bring about major change in the space.
Ofgem has also today confirmed the appointment of ex-Central Networks managing director John Crackett as a non-executive director, an addition to the team which Cave said would bring a “wealth of experience in the energy industry”.